Ever wonder what the secret is to getting sponsorship? You, as a motorsport entrepreneur, have come to the right place. In this article, we’ll teach you the science of getting sponsorships so that you can become a better judge of which ones to pursue and which ones to ignore.
Understand The Sport
I think most competitors would agree that having the ability to quickly grasp the basics of any sport is indispensable when trying to convince sponsors to bet on your side. This applies equally to motorsport, whether you’re driving a NASCAR, an F1, or an IndyCar. This ability to quickly understand the sport and its nuances is what makes you appear professional and authoritative to potential sponsors. It also helps you assess your competitors more accurately, which, again, makes you appear more trustworthy to potential sponsors. The more you know, the better you appear to be as a potential sponsor.
Know Your Audience
This point is similar to the previous one but it revolves around your target audience. You’ll want to consider who you’re trying to reach when forming your sponsorship strategy, and what they want, need, and value. That is, you will want to consider what motivates and influences your target audience, the users of your product or service, so that you can best tailor your strategy to reach them. For example, if you’re targeting millennial males, you need to consider what they want, need, and value, and use that to guide your decisions about what type of content to create, how to present it, and which platforms to use. Before you begin to think about the tactics you’ll use to get sponsors, you need to consider who you’re targeting and, more importantly, why they are the best fit for your product or service.
Make It Easy For The Sponsor To Know They Are Sponsoring You
As you’re researching ways to get sponsorships, you want to make sure that their process is as simple and straightforward as possible. This is why you want to ensure that they have everything they need in one place, so that they can simply click a button to make the payment. The more automated and streamlined the process, the easier for both you and the sponsor. They will also appreciate your efforts, as you’ll be demonstrating that you made the effort to streamline their experience, which may motivate them to continue working with you.
Use Digital Marketing (Online & Offline)
There are plenty of ways for sponsors to discover your product or service, but most of them don’t necessarily fit into your budget. That is, while it’s great to have a massive television advertisement that reaches a large audience, it typically costs a lot of money. Other options include magazine articles or sponsored posts on social media. While these can be effective ways to gain exposure, they don’t always offer a clear indication of how successful you’ll be in drawing the attention of the intended audience.
By contrast, digital marketing (online and offline) is an excellent way to reach your target audience, and offers clear indicators of success. For instance, if you’re using social media to promote your product or service, you can track the number of times your content is shared, liked, or commented on. Similarly, if you’re using paid ads to promote your product, you can gauge the effectiveness of your campaign by comparing the cost per click or conversion (when a person clicks on an ad or downloads a coupon) to the amount you spent on the ad. All this measured over a specified period of time and you’ll have a clear idea of whether or not your digital marketing strategy is effective.
Establish Yourself As An Authoritative Source
In addition to having a clear understanding of the sport, you want to make sure that your audience has confidence in your knowledge. This is why it’s important to establish yourself as an authoritative source on the subject matter. There are several ways to do this. First, ensure that you have relevant, expert-backed content published across various platforms, such as your website, social media accounts, and any other outlet you deem fit. Second, seek out speaking engagements and panel discussions at conferences and industry events, as these opportunities let you share your knowledge and experience with a wider audience. Third, consider creating video tutorials or infographics that add valuable information to your target audience. Finally, establish yourself as an expert by way of consistent, authoritative-sounding opinions in your professional life.
Make Sure Your Sponsorship Is In Line With The General Motors Culture
It is important to consider the culture of your target audience when selecting a potential sponsor. This matters because the kinds of sponsors you’ll attract will vary based on the demographic you’re targeting. For example, if you’re marketing to baby boomers, you might find yourself attracted to an organic produce company that focuses on healthy lifestyle choices. On the other hand, if you’re marketing to Generation Z, you might find yourself attracted to a technology company that creates apps and websites.
Take General Motors, for example. The car company recently partnered with Lyft to become their official car service in order to satisfy the demands of their customers for safe, reliable, and affordable transportation. When it comes to millennials and younger generations, GM is known for partnering with brands that reflect their values and lifestyle, such as vegan food company, PlantPlus. That is, they are committed to supporting sustainable agriculture, so they chose PlantPlus as their partner to help them meet the food demands of their customers.
Consider The Impact That The Partnership Will Have On Your Brand
Every partnership is unique, but there are some general guidelines that can help you make the right choice. First, make sure that your partnership with this brand will improve your brand’s image. This is because when potential customers hear or see your partnership, they’ll likely assume that your product or service is of good quality, as this partnership demonstrates to them that you’ve tried to establish a quality relationship with a prestigious company.
Furthermore, you want to consider the impact that the partnership will have on your brand’s image. This is particularly important if your goal is to have professional partnerships, as you don’t want to tarnish your brand’s reputation by associating with something that is of lower quality. When considering this aspect, you must weigh the pros and the cons, so that you can select the optimal option. You can find more information about this in our partnership explainer guide.
How To Get Sponsorship Thru Speedway Motors?
Hopefully, you’ve found this article helpful when figuring out how to get sponsorship. Remember that there is no one-size-fits-all approach to attracting sponsors, as each partnership is unique. That is, you’ll want to take things like brand awareness and digital marketing performance into consideration, among a host of other factors. We hope we were able to shed some light on the subject so that you can become a better judge of which sponsors to pursue and which ones to ignore.